The Reserve Bank of Zimbabwe (RBZ) has moved to defend itself amid growing frustration from exporters over delayed payments of their surrendered foreign currency, saying the push for timely disbursements reflects increased confidence in the Zimbabwe Gold (ZiG) rather than need, Mining Zimbabwe can report.
By Ryan Chigoche
This comes as the apex bank maintained the 30% export surrender requirement in this year’s monetary policy, despite failing to pay exporters their liquidated funds timeously.
The situation is most pronounced in the mining sector. Major platinum group metals exporters, including Zimplats and Unki Mines, say they are still owed US$78.1 million and US$100 million, respectively, amounts that have been accumulating since early 2025.
Rather than addressing the growing backlog, RBZ Governor Dr. John Mushayavanhu suggested that exporters’ push for timely payment reflects growing confidence in the ZiG.
“You can see that ZiG has been strengthened over the past three or so months. In the past, exporters were saying, we can surrender the foreign currency, but don’t pay us the ZiG immediately, because we know that the exchange rate is going to depreciate. But now they are saying, no, no, no, the ZiG is appreciating. We want you to pay us immediately because we will lose value if you pay us later. So what that is telling me is that there is now increased confidence in the local currency,” Mushayavanhu said.
However, exporters insist it is their money, and delays continue to strain operations, hamper cash flow, and threaten reinvestment into Zimbabwe’s mining sector.
The government’s policy requiring exporters to convert 30% of foreign currency earnings into local currency at official rates has left the sector with millions in arrears.
Industry sources say these delays expose a sector-wide cash flow crisis, with multiple producers yet to receive local currency for export earnings dating back to early 2025.
The rule, originally meant to stabilise the local currency, has instead become a systemic operational risk, hampering mining operations and highlighting the disconnect between policy intent and reality.
At the end of January, the willing buyer, willing seller exchange rate stood at 25.5 ZiG to the US dollar.
While the RBZ insists the ZiG is stabilising, analysts say this has come at the expense of exporters whose funds remain locked.
By holding back payments, the government appears to be artificially limiting local currency in circulation, fearing that a full release could flood the market and trigger depreciation.
In effect, exporters are subsidising the stability of the ZiG, raising questions about the sustainability of the policy and its impact on cash flow and operational viability in Zimbabwe’s mining sector.
Analysts warn that the RBZ’s rhetoric does little to reassure exporters, and the disconnect could have broader implications for the country’s foreign currency management.
With pressure mounting from the mining sector and other key exporters, it remains to be seen whether the RBZ will expedite payments or continue to insist that the timing of ZiG disbursements is entirely at the bank’s discretion.
Meanwhile Fidelity Gold Refinery (FGR) yesterday announced that all ZiG payments owed have been paid.
“We wish to advise you all that all your 10% ZWG dollar payments have been processed. If your balance isn’t reflecting yet, please contact your bank directly to check the status of the transfer,” the company said.
Today, some miners claim the funds have not yet reflected in their accounts, with some claiming to have gone for over three weeks without getting paid their ZiG.
